What is Yobit Exchange? Should you trade on Yobit? Check out the review and Yobit registration guide here!
What is Yobit Exchange?
Yobit is a cryptocurrency exchange that was established in 2015. Headquartered in Russia, it quickly expanded to other countries. The exchange was first introduced on the BitcoinTalk forum. Yobit emerged alongside other exchanges such as Bittrex and Poloniex.
The Yobit cryptocurrency trading platform accepts payments in both crypto and fiat currencies. Currently, Yobit has become a global trading platform and is supported in most countries around the world, including major ones like the United States, the United Kingdom, Russia, China, and Germany.
Yobit is a popular digital exchange with a user-friendly interface, fast transaction speeds, and support for YobiCodes and APIs. Yobit supports three languages: English, Russian, and Chinese.
Yobit Exchange Review
Pros
- High security: YobiCode (verification code when depositing), 2FA security (Google Authenticator and email).
- Faster system access thanks to API (Btc-e format).
- Simple interface: Users can trade on one screen without navigating to other pages.
- Fast deposit/withdrawal times. No deposit fees.
- Supports many tokens: YoBit supports even new tokens that other major exchanges don’t have, mainly tokens from ICOs.
- Supports trading with fiat: YoBit allows investors to trade coins with fiat currencies like USD and EUR.
- No identity verification required: When trading coins on Yobit, you don’t need to verify your account, but you can still deposit/withdraw funds without limits.
Cons
- Many negative reviews from the crypto community.
- No information about the company or founder.
- Does not support Vietnamese.
- No mobile app.
- Does not support trading with fiat (VND).
- No stop-limit orders.
- Trading fees are quite high at 0.2%, while Binance is only 0.1%.
- Does not support margin trading.
- No customer support via Telegram or Facebook.
Types of Fees on Yobit
Trading Fees (Trade Fee)
The trading fee is 0.2% on the total transaction amount. This fee is the same for both makers and takers:
- Maker: If you place a buy/sell order that is not immediately matched, i.e., the price is higher than the market price when selling and lower than the market price when buying, then your order will be displayed in the “Open Orders” section, and you will be a Maker.
- Taker: If you place a buy/sell order that is immediately matched, i.e., the price you set is equal to or higher than the market price when buying, or lower than the market price when selling, then you will be a Taker.
Deposit and Withdrawal Fees
Deposit/withdrawal fees are calculated per wallet. These include:
- Deposit fees are free if users deposit USD via: Perfect Money, Okpay Advcash, Capitalist. Payeer charges a 2% USD fee for each deposit, and Qiwi wallet charges 5% RUR.
- Withdrawal fees range from 1% RUR to 3% RUR and 5% for USD.
About the Yobit Exchange Interface
The main interface of Yobit includes:
[1] Robotrade: Where you can create buy and sell orders in automatic mode.
[2] YoFarm: Provide liquidity to pools to earn profits.
[3] Trade: Where you trade.
[4] Airdrop: Where users can complete tasks to earn Fast Dollars.
[5] Market: Displays cryptocurrency pairs (~8898 pairs are currently active).
[6] InvestBox: A tool for developers to advertise their tokens.
[7] Wallets: Wallets showing users’ balances.
[8] Orders: Users’ open orders.
[9] History: Transaction history.
[10] Add: ERC20 token listing page for projects.
[11] Support: For developers to request system maintenance
. [12] PM (Personal mail): Customer support.
How to Register a Yobit Account
Before Registering on Yobit
- Personal email address.
- Some personal documents such as National ID card, Citizen ID, Driver’s License, Passport…
- Phone with Google Authenticator or Authy app installed.
Step 1: Register a Trading Account on Yobit
To register on Yobit, go to https://yobit.net
Click the “Register and Get…” button in the top right corner of the screen to register.
Here, I will register using email:
- Enter your login name (more than 5 characters).
- Enter your email address.
- Enter your password and confirm it. To avoid mistyping your password, the system requires you to enter it again accurately and match the password created above.
- Check the box “I agree…” and select “I’m not a robot.”
- Finally, select “Register” to continue.
Check your email to confirm your account by clicking the link provided by the exchange.
Step 2: Activate 2-Step Verification (2FA)
Activating Two-Factor Authentication (2FA) will help increase the security of your account. This code will be used every time you log in to your account, withdraw money, create an API, etc., and can be freely switched to SMS verification mode (and vice versa).
Select the person icon in the toolbar, in the top right corner of the page, then select “Settings.”
- Step 1: Download the “Google Authenticator” app from Google Play for Android or the App Store for iOS.
- Step 2: Scan the QR code with the scanner in the downloaded app or manually enter the key.
- Step 3: A code will appear for backup in case you lose your authenticator. You should carefully save this code on paper, in case you lose your phone or have problems later, you can still recover and log in to your Yobit account.
- Step 4: Finally, select “Enable Google Authentication.”
Guide to Depositing and Withdrawing Funds on Yobit
Depositing Funds
Click on “Wallets” in the horizontal bar at the top of the website.
A list of coins will appear. Click the (+) sign to Deposit or (-) to Withdraw.
For example, here I will use the BTC wallet. You can do the same for other wallets. Click on (+) to display the BTC wallet as shown.
Then get the wallet address to deposit funds. You can deposit funds by buying coins on an exchange like Binance, FTX, etc., and then transferring them from those exchanges to Yobit.
Withdrawing Funds
Similar to depositing funds, to withdraw, click (-) to Withdraw, then enter the wallet address to withdraw funds:
- Withdrawal address: Enter the wallet address where you want to withdraw the coins.
- Quantity: Enter the amount you want to withdraw.
- Withdrawal fee: This is the transaction fee when you withdraw coins on Yobit.
- Obtain: Yobit will calculate the amount of coins you will receive after the withdrawal fee.
Guide to Trading on Yobit
Step 1: Trading on Yobit is quite simple. On the horizontal menu bar, select “Trade.”
- [1] Your coin balances.
- [2] Where to select the market and coin to trade.
- [3] Where you place buy and sell orders.
- [4] Buy and sell orders placed by others.
- [5] Price fluctuation chart.
- [6] All matched buy and sell orders on the exchange.
Step 2: In section [3], the Buy/Sell frame, in this case, is Buy ETH and Sell ETH.
- Buy ETH means you want to buy ETH with BTC. This section includes 3 main parameters:
- Amount: The amount of ETH coins you want to buy.
- Price: The buy price (in BTC).
- Total: The total amount of BTC you have to pay.
- Conversely, Sell ETH means selling the ETH you have to get BTC. This section also includes 3 main parameters:
- Amount: The amount of ETH you want to sell.
- Price: The price you will sell at (in BTC).
- Total: The total amount of BTC you will receive.
When you place an order, scroll down and you will see the 1 first red circled area, which is the order you have placed. If it is empty, it means that someone has already bought your order. In that case, look at the second red circled area, which is the order you placed in the past 24 hours.
Frequently Asked Questions When Trading Coins on Yobit
How is Yobit’s customer support?
YoBit does not offer direct customer support on their website. You can seek help from YoBit via email and by submitting a ticket. However, many users have complained about YoBit’s slow response times.
Has Yobit been hacked or experienced frequent maintenance issues?
As of now, YoBit has not had any incidents related to scams, and they have never been hacked or had customer assets stolen. However, the fact that their website does not provide information about the company, founder, or headquarters makes users cautious when investing.
What is the Yobit exchange coin?
Yobit has its own coin called YobitVirtualcoin. This coin was issued to increase the credibility of Yobit and create favorable conditions for traders on the platform.
Although Yobit does not provide any information about YobitVirtualCoin, according to the information I have gathered, YOVI coin is the native coin issued by Yobit.
Currently, the trading volume of YOVI coin is very small, and it has not been listed on CoinMarketCap.
